Real Estate Salesperson Exam questions and answers 2023

Real Estate Salesperson Exam questions and answers 2023Where is license law written? Article 12A Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the salesperson can't be relicensed until how much time has expired? 1 year If a broker's license is taken away, what happens to the salespersons who work for him? Their licenses are suspended until they associate with a new broker. What could happen to somebody who breaks Article 12A? Loss of license, $1000 fine, and year in jail. Is violation of 12A a felony or misdemeanor? Misdemeanor If a married couple sells their house for a profit of $300,000, on what amount of capital gains do they pay tax? For married couple there is no cap gains for up to $500k profit. If a married couple bought a house for $_________ and sold it for $_________, on what amount do they pay capital gains tax? (sell price) - (buy price) = $ gain ; ($ gain) - ($500k exemption) = cap gains tax What is the penalty if seller doesn't deliver condition disclosure statement? $500 penalty Which properties do no need a property condition disclosure statement? Not needed for residential new constructions, foreclosure sales, co-ops and condos, or commercial sales. When does seller have to give property condition disclosure to buyer? When there are known defects in the property. What liquid carcinogen can get into water or soil? PCBs can seep into soil or groundwater. What federal law curtailed use of CFCs? Clean Air Act curtailed CFCs. What gas that leaks out of air conditioners is covered by Clean Air Act? CFCs What is Freon? It's a brand that used to contain CFCs What type of UST is not regulated? USTs under 1100 gallons for gas & diesel are not regulated. What NYS Dept. regulates USTs? Federal Environment Protection Agency regulates USTs. What kind of insulation has cancer-causing substance in it? UFFI is spray insulation w/ formaldehyde. What info must a real estate ad tell? Real estate ad must tell: specific location; broker or brokerage name; and (full address of broker or brokerage) or (phone # of broker or brokerage). What is a blind ad? A blind ad lacks specific location, broker or brokerage name, and contact info. Unless it is a lesser estate, what kind of freehold is it? Fee Simple is fullest and most common form of freehold. What kind of ownership includes the full bundle of rights? Fee Simple freehold. What kind of estate has the fullest Freehold interest? Fee Simple. What right is included in any deed or lease? Possession, Quiet Enjoyment, and Exclusion are included in any deed or lease. Does the landlord have the right to enter a tenant's apartment in a non-emergency situation? No, landlord can't enter in non-emergency situation. What do you call a tenant's right to uninterrupted use of a leased premise? Quiet enjoyment is uninterrupted use.